Wells Fargo Limits Stimulus SBA Lending to $10 Billion

Wells Fargo (NYSE: WFC) said in a statement Sunday it will need to limit its participation in the government's massive small-business lending program to $10 billion due to regulatory restrictions.

The $2 trillion stimulus allocated nearly $350 billion to the Small Business Administration (SBA) to provide loans to struggling small businesses to help them pay for expenses such as payroll and rent, while the coronavirus pandemic puts the economy on pause.

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Source Fool.com